Highwoods Properties announced Monday that it will develop a 241,000-square-foot, 9-story building in Memphis for International Paper.
The Raleigh-based real estate investment trust will invest $56.1 million in the build-to-suit project. International Paper will lease 100 percent of the building, which is expected to be completed in the second quarter of 2015.
Highwoods already purchased the land for the project, which will be across the street from International Paper's world headquarters in the Poplar Avenue area of the city.
Highwoods owns 1.3 million square feet of space in the corridor.
This is the largest build-to-suit project for Highwoods since the company was selected in November 2011 to build a $48.4 million headquarters in Nashville for LifePoint Hospitals.
Highwoods shares closed Monday at $39.17, up 35 cents. The stock is up 17 percent this year.